Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HKD 13.90, representing a potential upside of 23.6% from the current price of HKD 11.25 [1][6][14]. Core Insights - The company has demonstrated robust growth in its core business, with total revenue reaching HKD 783 million in the first half of 2025, a year-on-year increase of 26.8%. The gross margin improved to 51.8%, reflecting effective cost control and a higher proportion of high-margin business [3][9]. - The domestic payment business is steadily expanding, with total payment transaction volume reaching HKD 1.87 trillion, a 27.6% increase year-on-year. The international payment business saw a remarkable growth in total payment volume (TPV), which nearly doubled to HKD 198.5 billion, a 94.0% increase [4][10][11]. - The value-added services segment is showing synergistic effects, with total revenue of HKD 89.59 million, up 34.2% year-on-year. The company is enhancing its blockchain technology applications in cross-border payments, which could open new revenue streams [5][12][13]. Financial Performance Summary - For the fiscal years 2025 to 2027, the company is projected to achieve revenues of HKD 1.61 billion, HKD 1.96 billion, and HKD 2.37 billion, respectively, with year-on-year growth rates of 22.4%, 21.9%, and 20.8% [6][7][14]. - The net profit for 2025 is expected to reach HKD 1.53 billion, significantly boosted by the sale of equity in a joint venture with American Express [14].

Core Viewpoint - *ST仁东 has successfully turned around its financial performance in the first half of 2025, achieving significant revenue and profit growth after completing its restructuring process [1][2][4]. Financial Performance - In the first half of 2025, *ST仁东 reported revenue of 405 million yuan and a net profit of 347 million yuan, marking a substantial turnaround from previous losses [1][2]. - The company has returned to positive net assets and has met the criteria for lifting its special treatment status [2]. Business Development - The company is focusing on expanding its cross-border payment business, with its subsidiary 合利宝 achieving a transaction volume of approximately 82.5 billion yuan, a year-on-year increase of about 159% [2]. - *ST仁东 is also developing a second growth curve by integrating AI into its payment services, aiming to create a comprehensive smart technology ecosystem [3][4]. Strategic Initiatives - The company has established new subsidiaries in Shenzhen, Beijing, and Ulanqab to enter the computing power sector, aligning with national strategies [3]. - *ST仁东's strategy emphasizes the integration of payment services and AI, aiming to enhance its operational efficiency and market competitiveness [4]. Market Outlook - Analysts believe that the successful restructuring and financial recovery position *ST仁东 for sustainable growth, with improved cash flow, reduced debt ratios, and restored profitability [4]. - The company is expected to benefit from the growing demand for computing power in the digital economy, particularly in AI applications [3].

兴业证券发表研究报告，首次覆盖连连数字(02598.HK)，给予"增持"评级。 连连数字此前公布的2025H1财报显示，总支付额快速增长，实现扭亏。截至2025年6月30日，公司 TPV 达到2.1万亿元，同比增长 32.0%。2025H1总收入达到7.83亿元，同比增长26.8%。毛利达到4.06亿元， 同比增长25.0%，毛利率达到 51.9%，相对平稳。经调整损益为16.56亿元，实现扭亏。 从业务分部情况来看，1)全球支付业务：公司完成对支付基础设施的重构，并积极开拓东南亚、中东和 拉美区域市场，全球支付TPV达1985亿元，同比增长94.0%；收入4.73亿元，同比增长27.0%。2)境内支 付业务：公司深化SaaS协同，强化私域电商客户的系统服务能力，境内支付TPV达到1.9万亿元，同比 增长27.6%；收入2.11亿元，同比增长24.6%。3)增值业务：公司围绕流量服务、跨境通讯等场景拓展生 态版图，2025H1增值服务收入同比增长34.2%。 研报指，连连数字是中国领先的数字支付解决方案提供商。公司主营跨境支付业务，服务对象包括中国 跨境商户及企业、海外商户及企业、境内企业等。截至2025年6 ...

兴业证券发表研究报告，首次覆盖连连数字(02598.HK)，给予"增持"评级。研报指，连连数字是中国领 先的数字支付解决方案提供商。公司主营跨境支付业务，服务对象包括中国跨境商户及企业、海外商户 及企业、境内企业等。截至2025年6月30日，公司累计服务的客户数量达到790万家。公司已累计取得65 张牌照(包括中国、美国、欧盟、英国、东南亚和南美主要国家的牌照)，确保在全球支付市场的合规运 营。连连数字此前公布的2025H1财报显示，总支付额快速增长，实现扭亏。截至2025年6月30日，公司 TPV达到2.1万亿元，同比增长 32.0%。2025H1总收入达到7.83亿元，同比增长26.8%。毛利达到4.06亿 元，同比增长25.0%，毛利率达到 51.9%，相对平稳。经调整损益为16.56亿元，实现扭亏。从业务分部 情况来看，1)全球支付业务：公司完成对支付基础设施的重构，并积极开拓东南亚、中东和拉美区域市 场，全球支付TPV达1985亿元，同比增长94.0%；收入4.73亿元，同比增长27.0%。2)境内支付业务：公 司深化SaaS协同，强化私域电商客户的系统服务能力，境内支付TPV达到1.9万亿元，同比 ...

Core Viewpoint - The report from CICC indicates a strong performance for Lianlian Digital, with an upward revision of revenue forecasts for 2025 and 2026 by 2% to 1.65 billion and 2.02 billion HKD respectively, while maintaining adjusted profit estimates unchanged [1] Group 1: Financial Performance - In 1H25, Lianlian Digital's revenue increased by 27% year-on-year to 780 million HKD, with net profit turning positive at 1.51 billion HKD compared to a net loss of 350 million HKD in 1H24, largely due to over 1.6 billion HKD in gains from the sale of part of its stake in LianTong [2] - The total payment volume (TPV) for 1H25 rose by 32% year-on-year to 2.1 trillion HKD, outpacing the revenue growth of 27% [3] - Gross profit for 1H25 increased by 25% year-on-year to 410 million HKD, maintaining a high gross margin of 52% [4] Group 2: Business Segments - Global payment TPV surged by 94% year-on-year to 198.5 billion HKD, with a decline in overall fee rates to 24 basis points due to higher growth in lower-fee service trade and B2B sectors [3] - Domestic payment TPV grew by 28% year-on-year to 1.9 trillion HKD, with stable fee rates at 1.1 basis points [3] - Value-added services revenue increased by 34% year-on-year to 90 million HKD, contributing 11% to total revenue, driven by virtual card services and the expansion of digital products [3] Group 3: Strategic Outlook - The company expects steady growth in payment business, with TPV projected to increase and payment revenue maintaining a growth rate of over 20% in the next 2-3 years [6] - The company plans to allocate 50% of its fundraising to enhance blockchain technology in cross-border payments, aiming to improve efficiency and security [7] - The recent approval of the VATP license opens up new growth opportunities in the Web3 payment sector, allowing the company to explore additional revenue streams [7]

Summary of the Conference Call for Lianlian Digital Technology Co., Ltd. Company Overview - **Company**: Lianlian Digital Technology Co., Ltd. - **Industry**: Digital Payment and Financial Technology Key Financial Metrics - **Total Revenue**: 780 million RMB in H1 2025, up 26.8% YoY, a historical high [2][4] - **Global Payment Volume (GPV)**: 198.5 billion RMB, up 94% YoY [2][4] - **Global Payment Revenue**: 470 million RMB, up 27% YoY, with a gross margin of 72.7% [2][7] - **Domestic Payment Revenue**: 210 million RMB, up 24.6% YoY, with a gross margin of 19% [2][7] - **Value-Added Services Revenue**: 89.59 million RMB, up 30.2% YoY [2][5] - **Core Operating Profit**: 63 million RMB, up 85% YoY [2][10] - **Cash Reserves**: 1.56 billion RMB [12] Business Performance Highlights - **Global Payment Strategy**: Significant growth in global payment services, with a focus on Southeast Asia, the Middle East, and Latin America [4][5] - **Cost Control**: Effective cost management with costs increasing at a lower rate than TPV growth, indicating scale effects and profitability [2][7] - **Innovation in Services**: Introduction of new products such as digital rights products and wallet services contributing to revenue growth [2][5] Future Projections - **TPV Growth**: Expected to exceed 50% for the full year [3][18] - **Revenue Growth**: Anticipated to maintain a growth rate of 20%-25% [3][25] - **Gross Margin**: Expected to remain above 50% [3][25] - **Take Rate**: Projected to stabilize around 24 basis points, down from over 30 basis points [3][17] Strategic Initiatives - **Licensing**: Obtained Hong Kong SFC Type 3 license to enhance cross-border multi-currency trade management [2][5] - **Virtual Asset Trading Platform (VTP)**: Actively exploring opportunities in the VTP space and the implications of Hong Kong's stablecoin policies [2][16][19] - **Partnerships**: Continued collaboration with strategic partners like American Express to leverage global financial networks [26][27] Market Recognition - **MSCI Inclusion**: Recently included in MSCI Global and China Small Cap Index, enhancing visibility to investors [13] - **Awards**: Recognized as the best cross-border payment solution by Corporate Treasurer magazine [13] Cost Management and Efficiency - **Operating Expenses**: Sales and marketing expenses increased by 18% to 130 million RMB [6][11] - **Strategic Investments**: Focused on global expansion and Web3 innovations while controlling costs effectively [9][21] Tax and Financial Management - **Effective Tax Rate**: Increased due to gains from the sale of shares in a joint venture, with a long-term expectation below 15% [20] - **Cash Flow**: Positive cash flow from operating activities, with significant net inflows from investment activities [12] Conclusion - **Growth Strategy**: A balanced approach of organic growth and potential acquisitions to enhance shareholder value [8][21] - **Market Adaptation**: Proactive measures to adapt to market changes and leverage new technologies for competitive advantage [30][31]

Core Insights - The core viewpoint of the articles highlights the significant growth and strategic direction of Lianlian Digital, particularly in its digital payment services and the integration of innovative technologies like AI and blockchain [2][3][4]. Financial Performance - As of June 30, 2025, Lianlian Digital's total payment volume (TPV) reached 2.1 trillion yuan, a year-on-year increase of 32.0%, with total revenue of 783 million yuan, up 26.8%, and net profit of 1.51 billion yuan, with operating profit increasing by 85% to 63 million yuan [2][4]. - The global payment business TPV reached 198.5 billion yuan, a remarkable growth of 94.0%, with total revenue of 473 million yuan, up 27.0% [3]. - Domestic payment TPV was 1.9 trillion yuan, growing by 27.6%, with revenue of 211 million yuan, an increase of 24.6% [3]. Business Segments - Lianlian Digital's business is divided into two main segments: digital payment services and value-added services. The digital payment services include global and domestic payment solutions, while value-added services encompass digital marketing, operational support, and software development [3]. - The revenue from value-added services reached 89.6 million yuan, reflecting a growth of 34.2%, primarily driven by the strong performance of virtual card services [3]. Strategic Initiatives - The company is focusing on building a more efficient cross-border fund flow system and enhancing its digital infrastructure, while also exploring the application of AI and blockchain technologies in cross-border payments [2][4]. - Lianlian Digital has increased its R&D investment in Web3 technologies, with R&D expenses amounting to 187 million yuan, a year-on-year increase of 26.8% [6]. Funding and Future Plans - In July 2023, Lianlian Digital conducted a placement of 38.4 million H-shares, raising 394 million HKD, with 50% of the funds allocated to blockchain technology innovation, 30% for global business expansion, and 20% for general corporate purposes [6]. - The company emphasizes that its investments in Web3 align with its long-term strategic direction, indicating a commitment to systematic development in this area [6].

Core Viewpoint - Payoneer Global Inc. (PAYO) shows potential for significant upside, with a mean price target of $9.56 indicating a 41.4% increase from its current price of $6.76 [1] Price Targets and Analyst Estimates - The mean estimate consists of nine short-term price targets with a standard deviation of $1.67, suggesting variability in analyst predictions [2] - The lowest estimate is $7.00, indicating a 3.6% increase, while the highest estimate is $12.00, suggesting a 77.5% increase [2] - A low standard deviation indicates a high degree of agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Analyst Consensus - Analysts are optimistic about PAYO's earnings prospects, with a positive trend in earnings estimate revisions, which historically correlates with stock price movements [11] - Over the last 30 days, three earnings estimates have been revised upward, leading to a 6% increase in the Zacks Consensus Estimate [12] - PAYO holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - While price targets are a common tool for investors, they can often mislead, and reliance solely on them may not yield favorable returns [3][10] - Analysts may set overly optimistic price targets due to business incentives, which can inflate expectations [8]

Core Viewpoint - The article discusses the risks associated with the "no-password payment" feature, which has gained attention due to user complaints about unauthorized charges and the ease of accidental activation of this feature on various platforms [4][5][6]. Summary by Sections User Complaints and Risks - Many users have reported unauthorized charges after unknowingly activating the no-password payment feature, with amounts ranging from thousands to tens of thousands of yuan [5][8]. - The feature is particularly concerning for vulnerable groups such as children and the elderly, who may activate it without understanding the implications [8][10]. - A significant number of complaints (64,000) have been filed regarding no-password payments, with users describing it as a "霸王条款" (unfair clause) that is difficult to cancel [8][10]. User Experience and Activation Process - The activation process for no-password payments is often simplified to a single click, while the cancellation process can require multiple steps, making it cumbersome for users [12][15]. - Platforms like WeChat and Taobao have been criticized for not providing clear notifications about the activation of no-password payments, leading to unintentional subscriptions and charges [12][15]. Financial Impact on Businesses - Research indicates that no-password payment users tend to spend 18% more, but the return rate has increased by 40%, suggesting that while it facilitates purchases, it may also lead to impulsive buying [18]. - Some major platforms have reportedly generated over 10 billion yuan in additional revenue due to the default activation of no-password payment features [19]. Regulatory Environment - Existing regulations require businesses to clearly inform consumers about automatic renewals and no-password payments, but many platforms do not comply [21][22]. - Users face significant challenges in seeking accountability from platforms when unauthorized charges occur, as platforms often cite user consent as a defense [22][23]. Recommendations for Improvement - The article emphasizes the need for platforms to respect consumer autonomy in payment processes and to enhance risk management measures to prevent unauthorized transactions [23].

Core Viewpoint - Lianlian Digital (02598) reported a significant increase in revenue and profit for the first half of 2025, indicating strong growth in its core business lines and a successful recovery from previous losses [1] Financial Performance - The company achieved a revenue of approximately 783 million yuan, representing a year-on-year growth of 26.8% [1] - Profit attributable to equity holders was about 1.511 billion yuan, marking a turnaround from previous losses [1] Business Segments - Global payment business revenue reached 473 million yuan, up 27% year-on-year [1] - Domestic payment business revenue was 211 million yuan, reflecting a growth of 24.6% [1] - Value-added services revenue amounted to 90 million yuan, with a year-on-year increase of 34.2% [1] Regulatory Compliance - As of June 30, 2025, the company established a global payment license framework consisting of 65 payment licenses and related qualifications [1] - The company holds a digital asset trading platform (VATP) license issued by the Hong Kong Securities and Futures Commission [1]